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Updated: 6:22 PM May 16, 2008
Reserve Shipments Suspended
WASHINGTON (AP) It still isn't clear how much of an impact the interruption of deliveries into the government's Strategic Petroleum Reserve will have on oil or gasoline prices. Posted: 8:30 PM May 16, 2008 |
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It still isn't clear how much of an impact the interruption of deliveries into the government's Strategic Petroleum Reserve will have on oil or gasoline prices.
The Bush administration said Friday it is suspending oil deliveries into the reserve for the remainder of the year.
The move comes days after Congress passed legislation requiring President Bush to temporarily halt shipments into the reserve in hopes of lowering gasoline prices. The president is expected to sign the bill.
The president had opposed halting the shipments, arguing that such a relatively small amount of oil would not influence prices.
The reserve is 97 percent full, holding 701 million barrels of crude. That's enough to cover two months of oil imports in the event of major disruptions.
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